The African Export-Import Bank (Afreximbank) has signed a memorandum of understanding (MoU) with the Moroccan government, represented by the Ministry of Economy and Finance, to construct a $1 billion Morocco-Africa Trade and Investment Promotion initiative.
The programme, according to the conditions of the MoU, would attempt to facilitate and steer future cooperation in areas of mutual interest between Afreximbank, Morocco's Ministry of Economy and Finance, other government ministries, and Moroccan business operators. Financing and encouraging intra- and extra-African trade through the implementation of credit, risk bearing, and trade information and advisory services would be among the areas of partnership under the plan. It will also involve assistance with engagements, missions, information exchange, and capacity building.
Speaking at the MOU signing ceremony, the Honorable Minister of Economy and Finance Madame Nadia Fettah said that “this agreement marks an important step towards consolidating the relationship between the Kingdom of Morocco and Afreximbank. It also affirms the continued commitment of the Government to increasing trade promotion and cooperation, and the development of Africa.”
In addition, under project finance, the MoU provides for the Ministry of Economy and Finance to facilitate access to information on potential pipeline of investment projects in Morocco, or from Moroccan entities to African countries, which would be suitable for financing from Afreximbank. Afreximbank, on its part, would cooperate with the Ministry and relevant Moroccan entities and economic operators to develop and deploy appropriate project structuring and financing solutions.
Commenting on the MOU, President and Chairman of the board of Afreximbank, Prof. Benedict Oramah said “we are delighted to be signing this MOU as it sets the stage for deepening the collaboration and relationship between Afreximbank and the Kingdom of Morocco. Our mandate to transform trade and support economies in Africa is firm and today’s agreement is another crucial step in achieving this objective.”
The programme, under which Afreximbank aims to support Morocco over three years for the benefit of the country’s economic operators, is to be implemented using loans and guarantee facilities as well as investment banking and advisory services. According to the MoU, the programme is anchored on Morocco’s firm engagement to play a key role in promoting intra-African cooperation and on the efforts of the Ministry of Economy and Finance to establish mutually beneficial partnerships with African/regional financial institutions to promote financial and economic cooperation between Moroccan economic operators and their African counterparts.
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